二次上市。 作者 I 杨继云 报道 I 投资界PEdaily 始于一家小厂 浙江巨无霸再次敲钟 三花智控起源于浙江省新昌县的一家农机修配厂，1984年，34岁的张道才带领工厂转型 为"新昌制冷配件厂"——正值改革开放之初，他目睹路边的饭馆、酒店越来越多，考虑 到冰箱大量使用并逐步进入百姓家庭，遂将精巧轻型的制冷配件作为发展大方向。 从 这 种 简 单 产 品 开 始 ， 张 道 才 最 初 创 业 的 10 年 里 ， 一 直 为 冰 箱 、 空 调 整 机 生 产 厂 家 做 着"配角"。 1 9 87年，工厂联合上海交通大学的科研力量，研发出第一款"两位三通电磁阀"，不仅打 破海外垄断，更为厂里带来了突破千万的年利润。这为后来三花智控发展攒下了重要资 金， 此后对技术和产品也更为重视。 时间来到1 994年，一家名为三花不二工机有限公司的中日合资企业成立，这便是三花智 控的前身，三花指的是管理之花、科技之花、人才之花。这一时期，张道才带领公司瞄 准"四通换向阀"，全力投入攻关，终于在1 9 9 5年取得突破，自主建成第一条生产线，打 破了美国兰柯公司6 0多年的垄断。 当中还涉及 一场并购风波 。1996 ...

公司研究丨深度报告丨盾安环境（002011.SZ） [Table_Title] 盾安环境：立足主业，开辟增量 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司已深耕制冷阀件三十余年，为该领域全球龙头。制冷配件业务下游需求已呈现边际向好趋 势，此外受政策影响，变频空调渗透率持续提升，带动高价格阀件需求，公司有望受益于量价 齐升实现营收稳健增长。在此基础上，公司着力开拓新能源汽车热管理业务，凭借技术优势， 公司主要阀件产品性能已基本可以对标行业龙头，在高压快充的趋势下，公司有望通过大口径 阀件的领先优势获取主机厂一供机会，并加速份额的提升，为公司未来发展注入新增长动能。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 2 / 37 %% %% %% %% research.95579.com 2 盾安环境（002011.SZ） cjzqdt11111 [Table_Title2] 盾安环境：立足主业，开辟增量 [Table_Summary2 ...

行 业 及 产 业 家用电器 2025 年 06 月 20 日 内 需 焕 新 增 势 ， 外 需 多 元 拓 疆 看好 ——2025 年家电行业中期策略报告：聚焦"以旧换新"政 策红利与新兴市场出口机遇 本期投资提示： 【稳健】白电板块兼具"低估值、高分红、稳增长"属性，股价安全边际高和弹性大兼 顾。内销方面，24 年以旧换新政策落地后效果超预期；25 年政府工作会议中提及仍将 大力提振消费、全方位扩大国内需求，实施提振消费专项行动，景气度有望受益延续。 出口方面，头部大家电企业均在全球多地布局生产基地，能够良好应对关税等国际贸易 政策波动；同时，东南亚、南美、非洲等多个新兴市场需求旺盛，有望显著拉动家电增 量。我们看好白电产业链量价齐升，持续推荐白电板块海尔、美的、格力+海信家电的组 合。 【成长】以清洁电器为代表的家电新消费品类渗透率持续提升，成长空间广阔。推荐大 客户订单突破带动收入放量，盈利能力稳定提升的欧圣电气；推荐小家电出口大客户开 拓顺利，EPS 电机量产贡献成长的德昌股份；推荐海外需求回暖，内销新品持续推进的 石头科技。 【第二成长曲线】上游核心零部件企业在深耕家电行业的同时，积极向汽零等领 ...

Core Viewpoint - Sanhua Intelligent Control plans to raise HKD 8 billion through its IPO in Hong Kong, but the necessity of this fundraising is questionable due to fluctuating capacity utilization and slowing growth rates in recent years [1][2]. Group 1: IPO Details - Sanhua Intelligent Control is set to launch its IPO on the Hong Kong Stock Exchange, having secured cornerstone investment agreements with 16 well-known institutions, including Schroders and GIC [1]. - The company plans to issue 360 million H-shares, with 7% allocated for public offering in Hong Kong and 93% for international placement, along with a 15% over-allotment option [2]. - The indicative price range for the shares is HKD 21.21 to HKD 22.53, with a midpoint price of HKD 21.87 expected to yield approximately HKD 77.41 billion in net proceeds [2][3]. Group 2: Fund Utilization - Approximately 30% of the net proceeds (HKD 23.22 billion) will be allocated for ongoing global R&D and innovation to strengthen existing capabilities and achieve sustainable growth over the next three years [2][3]. - Another 30% (HKD 23.22 billion) is earmarked for expanding and constructing new factories in China, as well as enhancing production automation to improve capacity and efficiency [2][3]. - 25% of the net proceeds (HKD 19.35 billion) will be used to deepen global presence by expanding overseas capacity, while 5% (HKD 3.87 billion) will enhance digital infrastructure across various business processes [3]. Group 3: Capacity and Financial Performance - The company's capacity utilization has shown volatility, with a decline noted in the past year, recording 83.8%, 92.2%, and 91.2% from 2022 to 2024 [4]. - The capital expenditure is on the rise, but the net cash flow from operating activities is sufficient to cover these expenses [4][6]. - As of the end of Q1, the company's debt-to-asset ratio decreased significantly to 44.91% from 53% in 2022, indicating improved financial health [6]. Group 4: Revenue Growth and Challenges - Sanhua Intelligent Control is the largest manufacturer of refrigeration control components globally, with revenue growth from 121 billion to 279 billion from 2020 to 2024, but growth rates have been slowing [7][9]. - The revenue growth rates for the same period were 7.29%, 32.30%, 33.25%, 15.04%, and 13.8%, while net profit growth rates were 2.76%, 15.7%, 52.98%, 12.49%, and 6.07% [7]. - Accounts receivable have increased significantly, with a 20% growth rate in 2024, while revenue growth was only 13.8%, indicating potential issues with cash flow management [9]. Group 5: Market Position and Competition - The company holds a dominant market share of 45.5% in the global refrigeration control components market, but faces intense competition from major manufacturers [10]. - In the automotive parts sector, Sanhua's revenue grew from 75.14 billion to 113.87 billion from 2022 to 2024, with a market share of approximately 4.1% in the automotive thermal management systems [12]. - The company is also exploring opportunities in the robotics sector, planning to invest at least HKD 3.8 billion in a new R&D and production base for robotic actuators [12].

商报讯（记者 汤佳烨 通讯员 俞晶 周雨亮）5月22日至25日，第四届中国—中东欧国家博览会暨国际消 费品博览会将在浙江宁波召开。作为主办地，近年来浙江与中东欧国家贸易规模不断扩大、参与市场主 体持续增加，展现出强劲韧性与活力。据杭州海关统计，今年前4月，浙江对中东欧有进出口实绩的外 贸企业超两万家；进出口总值626.0亿元，同比增长11.6%，其中，出口568.5亿元，同比增长14.8%。前 4月，浙江省对中东欧进出口总值、出口总值份额均居全国第2位。 空中走廊与中欧班列双翼齐飞 浙江中东欧经贸往来双向畅通 5月18日下午1点，近60吨跨境电商货物在办结海关通关手续后，搭乘"杭州—布达佩斯"全货机飞往匈牙 利首都布达佩斯。匈牙利首都布达佩斯是东欧重要的货物中转城市，2023年4月杭州萧山国际机场与布 达佩斯国际机场搭建起了空中货运走廊，两年来，这条全货运航线班次不断加密，从最初的每周4班增 加到每周7班，运力资源也提升至每周500吨。 为服务好这条浙江出口中东欧的空中重要通道，杭州海关所属杭州萧山机场海关积极拓展"直航+中转 +通程"模式，支持多类型空空中转、卡车航班业务发展，进一步拓宽进出境物流通道；同时 ...

Group 1: Technology and Innovation - The company has launched the NEV all-silent electronic expansion valve, integrating 87 patented technologies, addressing noise issues in multi-connected refrigerant airflow and full-stroke mechanical noise, positioning itself as an industry leader [1] - The self-developed ultra-silent electronic expansion valve and MPHX new type of non-bending double-row microchannel heat exchanger both won the "Innovative Product Award" at the 2025 China Refrigeration Exhibition [1] - The company has filled a domestic gap with its nuclear-grade water chiller using vibration isolation bases, achieving advanced technical indicators compared to international counterparts [1] Group 2: Business Growth and Market Expansion - The company anticipates growth driven by multiple business segments, particularly the new energy vehicle thermal management sector, which is expected to enhance market competitiveness and performance [3] - The company is actively expanding its overseas market presence, with a continuous increase in overseas orders due to high-quality products and services [3] - The electronic expansion valve business is benefiting from the "old-for-new" policy, leading to a surge in demand for energy-efficient products, with a rapid increase in market share [3] Group 3: Orders and Revenue - The company has secured substantial orders in the liquid cooling unit sector for energy storage applications, with major clients including CRRC Zhuzhou, BYD, and CATL entering bulk supply phases [6] - The total order scale for automotive thermal management components is approximately 15 billion yuan, although execution may vary based on vehicle sales fluctuations [10] - The company’s cooling equipment business is experiencing weaker orders due to a sluggish domestic commercial air conditioning market [12] Group 4: Strategic Partnerships and Collaborations - The company maintains a strong partnership with BYD, providing various products and expecting significant growth in market share due to technological and cost advantages [10] - The company has successfully participated in bidding for several new nuclear power projects, establishing good communication and cooperation mechanisms with multiple nuclear power owners [5] - The company is exploring potential collaborations in emerging industries while maintaining a good relationship with key partners like Yinlun [11] Group 5: Financial Management and Risk Mitigation - The company has implemented a multi-dimensional risk response system to manage fluctuations in raw material prices, including copper and aluminum [15] - The company is focused on improving its cooling equipment business through market strategy adjustments, increased R&D, and cost control measures [12] - A shareholder return plan has been established, considering financial status and future business needs for profit distribution [17]

我们不是资讯的搬运工 而是有态度的发现者 万和财富早班车 2025年5月7日 ● 国内金融市场 · | | | 1 韦尔股份(603501)：聚焦CIS及车载芯片赛道，核心驱动力为汽 车智能化渗透加速(车载CIS收入占图像传感器业务超80%)及高端 手机多摄升级，车载模拟芯片收入同比增37%。 | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 上证指数 | 3316.11 | 1.13% | 上证当月连续 | 2645. 8 | 0.62% | | 深证成指 10082.34 | | 1.84% | 沪深当月连续 | 3797. 6 | 1.1% | | 创业板指 | 1986. 41 | 1.97% | 恒生期货指数 | 28918. 62 | 0. 49% | 宏观消息汇总 1.工业和信息化部称, 下一步将加强通用大模型和行业大模型 研发布局,加快建设工业领域高质量数据集。 2 据商务部商务大数据监测,假期全国重点零售和餐饮企业销 售额同比增长6.3%。 3.第137届广交会多项指标刷新历史纪录，现场意向出口 ...

国内一线阀门品牌竞争格局与消费趋势深度关联，以下从技术迭代、市场需求、产业升级三个维度揭示榜单背后 的核心驱动力： 2025年中国关于水系统消防阀门、新能源锂电池阀门、电站工业阀门、医药行业等比较有影响力的国内又认可一 线品牌以下可以作为参考，从以往2013年到2025年这12年期间终端客户的品质和服务反映来看：苏州纽威阀门、 上海奇众阀门、上海冠龙阀门是目前甲方和业主推荐最多最满意的三个厂家。 智慧水务渗透率提升 上海冠龙智能控制阀结合物联网技术，使市政供水管网漏损率降至5%，覆盖全国80%项目；远大阀门AI质检良品 率达99.7%，云仓系统实现48小时全国配送。 ( ) 品质保障 部 厂家直发 可开发票 放心品质·确保产品零缺点 C DN130 15 Z TREEZ CFB & @奇重品牌网 can The 12.6 A a = (2) B e 8 e 容@奇重品牌网 一、能源安全需求推动技术国产化 核电自主化加速 中核苏阀主导核电阀门国家标准，第三代核电关键阀门国产化率超90%，主蒸汽隔离阀打破国际垄断。苏州纽威 的深海球阀（耐压25000psi）通过DNV认证，中标中海油陵水气田项目，实现进口替代成本 ...

报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集13年项目编制服务经验为各 类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战略规划、风险评估等提供项目可行性报告&商业计划书编 制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升项目单位申报项目的通过效率。 在当今汽车产业蓬勃发展的大背景下，车用电子膨胀阀作为汽车空调系统和热管理系统的核心部件，正发挥着愈发关键的作用。它借助先进的电子控制技 术，能够对制冷剂流量进行精确调节，从而实现对车内温度的精准把控，为驾乘人员营造出舒适宜人的车内环境。根据中金企信数据显示，2023年中国车用 电子膨胀阀市场规模及销量分别约为14亿元和25.6百万件。 数据整理：中金企信国际咨询 车用电子膨胀阀主要由控制器、执行器和传感器这三部分构成。在实际运行过程中，传感器会实时反馈温度、压力等重要信号，而控制器则依据这些信号， 自动且精准地调整阀门的开度，确保整个系统的高效稳定运行。 近年来，全球及中国汽车市场呈现出智能化、电动化、网联化的显著趋势 ...

三花智控系列 车中旭霞 行业深度： 《汽车前瞻研究系列（八）：热管理：长赛道、大空间、临拐点 》——20200508 公司深度： 《三花智控（002050.SZ） -热管理龙头的长期成长性展望》——20231213 《三花智控-002050-深度报告：新能源热管理领域的高壁垒龙头》——20200811 财报点评： 《三花智控（002050.SZ）- 2024年净利润小幅提升，机器人零部件性能持续优化》-20250331 《三花智控（002050.SZ）- 三季度净利润同比提升，关注机器人业务进展 》-20241101 《 三花智控（002050.SZ）-中报点评-毛利率提升，关注机器人新增长点》-20240901 《 三花智控（002050.SZ）-年报及一季报点评-2023年毛利率提升，关注机器人新增长点 》-20240504 《三花智控（002050.SZ）-2023年三季报点评-盈利能力持续提升，关注储能、机器人新增长点 》-20231102 《三花智控（002050.SZ）-2023年中报点评-汽零业务持续放量，二季度整体盈利能力提升 》-20230117 《三花智控（002050.SZ）-汽零业务持 ...